Equity markets are languishing at their lowest levels since late 2020 - when the global economy was still reeling from the COVID-19 pandemic
But sentiment across markets remained frail given worries that aggressive interest rate hikes from the likes of the U.S. Federal Reserve raises global recession risks.
U.S. stock futures were mixed and MSCI’s world equity index fell to its lowest level since late 2020.Stephen Innes, managing partner at SPI Asset Management, said last week’s meltdown in UK markets, following Britain’s Sep. 23 “mini budget,” suggested a bear market in stocks had entered a new phase.“Getting out of more than a decade of cheap money and liquidity injections was always tricky. But the Fed has not blinked in the face of sliding equity markets, quite the contrary.
Oil prices rallied on reports what OPEC+ will this week consider cutting output by more than 1 million barrels a day, for its biggest reduction since the pandemic, in a bid to support the market. Brent crude futures rose more than 4 per cent to almost US$89 a barrel and U.S. West Texas Intermediate crude was up 4.5 per cent, at US$83 a barrel.
In early trading, London’s FTSE-100 stock index was down 0.65 per cent to 6,849.13, falling in line with other markets. Germany’s DAX dropped 1.12 per cent to 11,978.13 while France’s CAC 40 slid 1.35 per cent to 5,684.68.
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